On June 13, 2012, the Board of Directors (the “Board”) of the Company proposed an amendment to execute a 500 to 1 reverse stock split, change the authorized capital of the Company and a corporate name change. These actions were approved by a majority stockholders vote on June 15, 2012. However, as of August 20, 2012, the Board has not instructed the Company to complete the corporate actions approved by the stockholders. It is expected however, that these actions will be completed in the third quarter.
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